Sunday, January 13, 2008

Better Late Than Never...Sub Prime, Not Me.

I know I haven't posted in a while and Have neglected my catharsis, which explains why my blood pressure is up. I have all kinds of excuses but no answers. Now having said that:

I am getting so sick of hearing about the sub prime issue that I may hurl any moment and start a new binge and purge craze, the sub prime Bulimia plan. Especially when they start talking about how they are going to bail some of these people out because it will lead to a huge economic downfall for the country. So let me get this straight, I buy a house with a good rate and because of a bad career move, take a job that gets me in over my head on payments and I lose my house...too bad. BUT, if I buy a house and make an even more stupid move by getting a sub prime mortgage, I'll get help?!?!? Why does this country always seem to bail out the stupid? I heard this morning (which touched off my rant) from a "candidate" that we need to do something about this before it becomes a national crisis. I'm sorry, but I just don't buy it, not even with someone else's money. I am a returning student with 2 jobs, so why don't I get rewarded for doing everything I can to not get in over my head? This is of course rhetorical, but only a little.

Before I forget, the link above is to an article describing a bill that will ask for new regulations on sub prime lenders, not sanctions but regulations. I guess it's better late than never telling you about that as well.

4 comments:

Sky Girl said...

I've had that same conversation lately. I studied the interest rates and made decisions that allow me to pay my mortgage. I'm not sure why I should have to spend my money to bail others out. I feel bad for them, and I think predatory lending needs to stop, but what about personal accountability here?

Complaint Department Manager said...

Exactly my point, I'm huge on accountability. I just don't see the need to bail out stupid people. I've made plenty of stupid desicions growing up and no one bailed me out.

SNIDERMAN said...

Darwinism works with money, too.

Unfortunately, it usually hurts the children... since the parents still go out and buy cigs and beer even if they can't pay the mortgage or rent.

Saw HUGE foreclosures 3-4 years ago in Raleigh while I sat on the Homeowner's Association. Painful. Lot of immigrants (all kinds) bought into the very low rates at the time... and were losing their houses BACK THEN as rates bounced up a 1/4 pt.

Bad news.

And the mortgage sellers got their money and walked away.

Paul said...

Great to see you agree with me---oh oh for you. Investments go bad every day when you make one you should know all about it, like knowing your intrest rate will go up ?will i have enough to cover it?no no no no bail outs for Stupid people.if you can prove you might lose your home due to illness or lost of job then some bail money would be allowable.